Wednesday, April 19, 2017

Regulatory Agencies Sharpen Focus on Sales to Seniors

By Nick Bates, Questar Branch Office Manager at Ann Arbor Annuity Exchange

We have all seen the statistics on the massive number of baby boomers retiring on a daily basis in our country, and it has been a great opportunity for financial professionals (FPs) to provide them with products that can help meet some of their needs such as income and safety. Well guess who else has seen those same statistics: FINRA, the SEC, and other self-regulatory organizations (SROs).

Over the last several years, sales to seniors have become a major focus of the SROs. This has led to increased suitability requirements for clients over the age of 65 and even continuing education requirements that are solely dedicated to this topic.

Elder Financial Abuse Hurts Caregivers, Too

Elder Financial Abuse Hurts Caregivers, Too
By Karen DeMasters

(Financial Advisor Magazine)

Suitability and Seniors

By James Morris, Suitability Specialist

As a financial professional (FP), you may find that assisting seniors with their financial future during this stage of their life can be one of the most important roles you will have. However, working with seniors requires an increased level of care and documentation. Documenting your client interactions and maintaining records of all conversations and product recommendations is particularly important when working with seniors.

Eight ways to protect yourself against elder financial abuse

Eight ways to protect yourself against elder financial abuse
By Robert Powell

(USA Today)

What You Need to Know about Continuing Care Retirement Communities

By Dina Mestel, Sales Trainer

Many of your clients may already be looking into how they want to live and spend their years as they age. However, many others may be unaware of the Continuing Care Retirement Community (CCRC) options available to them. If this is a subject unfamiliar to you, it may be a wise decision to do your homework so you can engage in meaningful conversations with clients about their retirement goals and situation.

What Now? The Journey to Becoming a Fiduciary - or Not

(Article written in advance of the DOL fiduciary rule delay announcement)
By Gissou Gotlieb, Field Suitability Compliance Officer

The battle – a term not used in exaggeration here – continues over the fate of the Department of Labor’s fiduciary rule even though we are at its applicability date, April 10, 2017. Beyond the rule itself, what has been most challenging for many is the uncertainty about the viability of the rule (whether it will remain, get delayed, repealed, or changed) on top of the obstacles that must be overcome logistically and procedurally to be ready for business.

You May be Running Out of Time!

(Article written in advance of the DOL fiduciary rule delay announcement)
By Heath Waddington, Senior Vice President of Sales & Marketing

The only certainty about the Department of Labor (DOL) fiduciary rule seems to be uncertainty. At the time of this writing, President Trump has asked the DOL to review the rule to assess its impact on investors and the financial services industry, with a proposed 60-day delay in the initial applicability date of April 10, 2017. Many are thinking that this review will ultimately lead to the scrapping of the rule, but there are just as many who feel the delay is just that, and that regardless of whether the delay goes through after its proposed comment period, the industry will need to adopt a best interest standard in the very near future.